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Jefferies: the oil price could soar to $150

Jefferies: the oil price could soar to $150

An analyst at Jefferies Investment Bank noted that the cost of oil could rise by 100%, i. e., more than $150 per barrel soon. The major growth driver will be the cancellation of restrictions due to the COVID-19 pandemic.

Analyst Christopher Wood said this in his interview with CNBC. He pointed out that the cost of one oil barrel was $80 when most Asian countries that are among the main consumers of oil were forced to close their boundaries: “The issue for me is not the oil price, the issue is the pandemic. The oil price is gonna go higher in a fully reopened world because nobody’s investing in oil but the world still consumes fossil fuels”.

Still, according to the expert, the oil price may be driven down by new quarantine restrictions. His words are backed up by a sharp drop in the oil price after several countries announced new restrictions due to a new strain of the Omicron coronavirus. On Friday, November 26, Brent crude oil futures fell sharply by 11.2%. On Wednesday, December 1, it rose by 4% to $72.25. 

Analysts at JPMorgan Chase agree with his view. However, they believe that oil may rise to $125 in 2022. Goldman Sachs has similar conclusions; they have recently compiled a top list of the most promising energy companies whose shares will grow next year. Nearly all of them are somehow oil-related.

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